Why Ignoring Generative AI Could Cost Your Business Big Time
Imagine having a creative assistant who never takes a break, a strategist who analyses endless data in seconds, or a problem-solver who generates ideas at lightning speed.
That's the potential of
generative AI in the workplace.
But is your business ready to tap into this game-changer, or will it be left playing catch-up?
The latest Deloitte Digital Consumer Trends Survey shows a surprising 66% increase in the use of generative AI (GenAI) by British workers in the past year. This quick rise highlights the increasing impact of this technology in the workplace. However, many employers are still reluctant to fully adopt and use GenAI in their operations.
The Paradox of Generative AI Adoption
The Deloitte survey shows mixed results. The rise in GenAI use at work indicates rapid adoption and potential for improved productivity. However, the actual number of users is still low, meaning that while its benefits are acknowledged, full implementation is still just beginning.
Uncovering the Reasons for Employer Hesitation
What’s stopping businesses from fully adopting this game-changing technology? Here are a few main reasons:
Risk vs. Reward Assessment: Many companies have looked closely at GenAI and decided that the benefits don't outweigh the risks or costs right now. This cautious stance comes from doubts about making money from it and worries about fitting new technology into their current processes.
Lack of Understanding: Some businesses may not understand how GenAI can help them. This uncertainty can make leaders hesitant to use new technologies.
Strategic Oversight: Sometimes, GenAI might be adopted without clear guidance or support from higher management. This can lead to missed chances and unmanaged risks, causing worries about the overall effects on the business.
The Missed Opportunities
Businesses that don’t take advantage of GenAI’s benefits for productivity and efficiency may lag behind their more tech-savvy rivals. Additionally, if employees use GenAI without supervision, it can lead to problems like incorrect information or biased content, which can cause serious issues if not addressed.
Demographic Trends & Generational Divides
The Deloitte survey showed some key trends in GenAI usage. Over 60% of people aged 16-34 (Gen Z and younger millennials) used GenAI, while only 14% of those aged 55-75 (older Gen Xers and Baby Boomers) did. Additionally, men used these technologies more than women, with usage rates of 43% for men and 28% for women.
Balancing Risks & Rewards
As businesses adopt GenAI, it's important to balance its advantages with possible risks. This needs a good grasp of the technology, careful planning, and a focus on managing the integration smoothly.
Businesses can maximise the benefits of generative AI by being proactive and informed. This boosts employee efficiency and keeps them competitive. Now is the time to embrace these transformative technologies, as they are crucial for the future of work.
In short, don’t miss out on the possibilities that can come with using generative AI for your business — and if you don’t know where to begin with it all, HAiHAi can help with that.
Get in touch today to learn more, but if not, we’ll see you at our next blog post!
